Don't Fear The Second Derivative

Bloomberg reports:

Home values declined 2.3 percent in the three months through June from the previous three months, compared with a 6.8 percent drop in the first quarter. Compared with a year earlier, values dropped 15.4 percent, the most since record keeping started 20 years ago.


_So, yes, house prices are still tanking, and in fact have tanked more than they’ve ever tanked in the last 20 years. But here’s how they lead off the article:

Home prices in the U.S. fell at a slower pace in the second quarter, signaling the worst housing slump in more than 25 years may be starting to stabilize,[…]

You know you’re scraping the bottom of the barrel when you tout the second derivative of something as good news. “House prices are bad… and they’re still declining… but don’t worry, because the rate of change of the decline is better than last month!”